After all the years, LIC is still equally popular among common people. LIC provides multiple schemes to offer a suitable amount of profit to the policy holder. As there are multiple schemes, people often get confused which policy will be better for investment. In this article, we will discuss about LIC Jeevan Shiromani Scheme.

LIC Jeevan Shiromani Scheme

LIC offers plans tailored to the needs of different customers. One such unique plan is Jeevan Shiromani. This scheme is designed for individuals with a high income who wish to protect their investments. LIC’s Jeevan Shiromani policy requires only four years of premium payments, although the premium is slightly higher. Jeevan Shiromani guarantees a minimum sum assured of ₹1 crore. There is no maximum sum assured limit. Let’s explore the highlights of this plan:

How to make investment here

The Jeevan Shiromani policy is a savings scheme that is not linked to the stock market. It is a personal life insurance scheme. You have to deposit approximately ₹94,000 every month for four years. You can pay this premium monthly, quarterly, semi-annually, or even once a year. The policyholder must be at least 18 years old to qualify for the plan. The upper age limit is 55 years for a 14-year policy, 51 years for a 16-year policy, 48 years for an 18-year policy, and 45 years for a 20-year policy.

Under the Jeevan Shiromani plan, you receive periodic refunds. This is why it’s called a money back plan. If you take out a 14-year policy, you’ll receive 30% of your original sum assured in the 10th and 12th years. If you take out a 16-year policy, this amount will be 35% in the 12th and 14th years. Similarly, if you take out an 18-year policy, you’ll receive 40% in the 14th and 16th years, and if you take out a 20-year policy, you’ll receive 45% in the 16th and 18th years. The remaining amount will be paid out in one lump sum upon policy completion.

Loans are also available under certain conditions

After one year of purchasing the policy, if you have paid the full year’s premium, you can avail of a loan subject to certain conditions. Death benefits are also included. Customers can also avail a loan based on the policy’s surrender value (the amount you will receive if you terminate the policy). The interest rate applicable on loans against the policy will be determined from time to time. If the policyholder is diagnosed with a critical illness, they receive a one-time payment of 10% of the sum assured. Furthermore, they can also receive a death benefit during the policy term. You can get more information on the LIC website https://licindia.in/ .

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